application processing costs, and lack of integration with both other internal systems ... Standard pricing models based
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Accelerating the Underwriting Process with a Customized, Flexible, State-of-the-Art Solution
Fully-customized, flexible, “plug-and play” underwriting solution
Solution ownership, eliminating licensing fees and providing full access to source code Accelerated development, implementation and time-to-use
Range of delivery models, to meet financial budgeting and timeline Standard pricing models based on time and materials or fixed cost development
Insurance
The most critical factor in the underwriting process is speed
underlying Java-based framework, which allows simple, seamless
from application to policy issuance. But against a backdrop
integration with both internal and external data provider systems,
of outdated and rigid underwriting systems, increasingly
and customizing it to clientspecific underwriting requirements, NIIT
stringent
rising
Technologies saves life insurance companies up to 50 percent in
application processing costs, and lack of integration with
regulatory
compliance
requirements,
development time and expenses, and accelerates implementation
both other internal systems and external information
and time-to-use by up to 70 percent.
sources, today’s life insurance companies face greater
IFS UNDERWRITING FRAMEWORK RULES INTEGRATION
underwriting challenges than ever before.
CASE MANAGEMENT
While there are a variety of pre-packaged underwriting applications
available,
their
implementation
REQUIREMENT MANAGEMENT RULES
RULES
VENDOR RULES
present
additional challenges: they are far from “plug-and-play,”
FINANACIAL INFORMATION
requiring significant time and financial investment to meet an individual company’s specific underwriting requirements;
UPSTREAM
CASE ALLOTMENT
REQUIREMENT MANAGEMENT
VENDOR MANAGEMENT
they carry heavy licensing, implementation and annual maintenance fees; and the source code remains the property of the developer, prohibiting the insurer from making changes
MEDICAL INFORMATION OTHER RECORDS
ANALYST/ UNDERWRITER
or updates without incurring significant customization fees. REINSURANCE
RISK REINSURANCE ANALYSIS
DECISION
APPROVE/ ISSUE
DECLINE/ AMEND
INSURANCE POLICY
The Solution The IFS Underwriting Framework, developed by experts in NIIT Technologies’ Insurance Practice, is a robust, flexible core application that can be customized meet the needs of each client’s underwriting guidelines and workflow processes. Starting with its
NOTE: Case handling includes important features: 1. Auto decision (Simplified Issue, Jet Issue) 2. Policy class and initial ratings 3. Underwriting assignment, etc.
DECISION RULES
Key Features and Benefits of the IFS Underwriting Framework
• Multi-channel communication management with agents,
For the Business:
• Full
• Fully-customized,
flexible,
clients and vendors wherein all communications are conducted and managed from within the same application
“plug-andplay”
underwriting
solution with a webbased user interface which makes it easy
integration
• Solution ownership, eliminating licensing fees and providing full access to source code for future customization • Accelerated development, implementation and time-to-use • Range of delivery models, either by hosting in NIIT Technologies’ or the client’s data centers, or via public or private SaaS, to meet individualized financial budgeting and timeline requirements • Standard pricing models based on time and materials or fixed cost development, and flexible pricing models including transaction-based, volume-based and revenue-generated
policy
administration,
imaging,
reinsurance and document management systems to promote seamless operations • Integrated
to add users and support remote workers
with
business
rules
management
to
automate
workflow, requirements management, service provider interfaces and underwriting decisions • Multi-currency and language support • Workflow services, including multiple case assignment schemes, an inbox service for all case activity notifications, routing of requirements results to the underwriter, follow-up services for overdue processing, and services triggers through business rules • Case management services, including all data associated with each case, referrals and transfers, and views for managing staff workloads • Requirements management services, including suggest,
For the Underwriting Process: • Web-based underwriter workbench that supports both the
order and review results, fully automated electronic interface
underwriter’s and case manager’s underwriting/issuance
with providers using ACORD and proprietary interfaces, and
tasks to complete
follow-up on outstanding requirements rules
• Decision services, including immediate notification of
management, which reduces cost and eliminates the need
requirement results to trigger decision processes, application
for highly skilled and expensive resources
of business rules to verify completion of underwriting tasks
• Automated
underwriting
through
business
• Simplified case management, speeding time to issue by
and triggering of post underwriting issuance requirements • Reporting services, including design of comprehensive
reducing/automating tasks • Intelligent data entry, reducing costs by identifying and correcting errors before they result in unnecessary vendor orders or incorrect underwriting assessments • Fully automated electronic interchanges with external vendors providing medical and financial information • ACORD-compliant transaction interface for vendor services
reports and dashboards, complete activities audit trail, and extraction to a data warehouse for in-depth analysis • Configuration of all drop-downs and descriptions with familiar in-house terminology, web interface, wizards for complex configurations,
individual
user
interfaces
and
email
integration
which integrates with information providers
Partner with NIIT Technologies to align your IT goals with your business objectives
India
Americas
Europe
Singapore
NIIT Technologies Ltd. Corporate Heights (Tapasya) Plot No. 5, EFGH, Sector 126 Noida-Greater Noida Expressway Noida – 201301, U.P., India Ph: + 91 120 7119100 Fax: + 91 120 7119150
NIIT Technologies Inc., 1050 Crown Pointe Parkway 5th Floor, Atlanta, GA 30338, USA Ph: +1 770 551 9494 Toll Free: +1 888 454 NIIT Fax: +1 770 551 9229
NIIT Technologies Limited 2nd Floor, 47 Mark Lane London - EC3R 7QQ, U.K. Ph: +44 20 70020700 Fax: +44 20 70020701
NIIT Technologies Pte. Limited 31 Kaki Bukit Road 3 #05-13 Techlink Singapore 417818 Ph: +65 68488300 Fax: +65 68488322
Write to us at
[email protected]
www.niit-tech.com
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